MPs concerned on gov’t borrowing

By Ssebuliba Samuel.

Parliament has been asked to control government‘s appetite to borrow which has led to overwhelming swelling of Uganda’s debt stock.

Current statics from bank of Uganda indicates that by the end of December 2017, Uganda’s debt stock stood at Shs37.9 trillion, representing an increase of 9.4 per cent relative to June 2017.

Speaking during plenary session yesterday, the Budadiri west Member of Parliament Nathan NandalaMafaabi said that the rate at which government is borrowing is unsustainable.

He said that parliament must come up with stringent parameters to consider while approving some of these none productive loans.

Yesterday this same parliament approved the proposal by government to borrow up to us $75.82 million to support the national oil palm project.